Sureste Properties Inc., the hotel and resort development arm of casino operator Bloomberry Resorts Corp., has acquired a 1.56-hectare lot at Vertis North in Quezon City for P1.97 billion.
Bloomberry said in a disclosure to the stock exchange the lot was part of National Housing Authority’s share in the joint venture with property developer Ayala Land Inc. in the Vertis North project.
“SPI proposes to develop the property into a mixed-use development in accordance with the Vertis North master plan, and subject to required regulatory and local government approvals,” Bloomberry said.
SPI paid a 20-percent down payment worth P395.48 million for the property.
SPI said it would pay the 40 percent of the balance of P1.581 billion within 30 days from the issuance of the notice of award, and the remaining 40 percent upon signing of the deed of absolute sale and submission of all documents to the Register of Deed for the transfer of the title to the buyer.
The purchase will be funded by internally generated funds of SPI.
Bloomberry said the property was subject of a bidding by the NHA on Aug 7. The bidding was declared a failed bidding as SPI emerged the only bidder.
NHA held a rebidding on Aug 28, but it was also declared a failed auction because SPI turned up to be the only bidder again.
“In the subsequent negotiation after the two failed biddings, SPI submitted its offer for the property which was then accepted by the NHA as it satisfied the minimum bid price set by NHA,” Bloomberry said.
SPI on Friday received the notice of award from NHA.
Vertis North is a 45-hectare development situated between the main arteries of Edsa, North Avenue, Mindanao Avenue, and Quezon Avenue and is strategically located in an area considered as Metro Manila’s northern gateway.
The property is being transformed as a mixed-use development with residential, shopping, retail, office and hotel components.
Share price of Bloomberry on Friday closed higher by P0.04 to P5.99.